2012

最新文章

• A quantitative analysis of unemployment benefit extensions AI翻译
  作者：Nakajima, Makoto
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
  摘要：Extensions of unemployment insurance (UI) benefits have been implemented in response to the Great Recession. This paper measures the effect of these extensions on the unemployment rate using a calibrated structural model featuring job search and consumption-saving decisions, skill depreciation, and Ul eligibility. The ongoing Ul benefit extensions are found to have raised the unemployment rate by 1.4 percentage points, which is about 30% of the observed increase since 2007. Moreover, the contr...
• Comment on Robust policymaking in the face of sudden stops by Eric Young AI翻译
  作者：Arellano, Cristina
• Comment on Three Types of Ambiguity by Lars Hansen and Thomas Sargent AI翻译
  作者：Yeltekin, Sevin
  作者单位：Carnegie Mellon University
• Consumption smoothing and portfolio rebalancing: The effects of adjustment costs AI翻译
  作者：Bonaparte, Yosef; Cooper, Russell; Zhu, Guozhong
  作者单位：University of British Columbia; University of British Columbia Okanagan; European University Institute; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Peking University
  摘要：A household's response to income and return shocks depends on the costs of portfolio adjustment. In particular, the extent of portfolio rebalancing and consumption smoothing are influenced by the presence of non-convex portfolio adjustment costs. Suppose bonds can be adjusted costlessly while adjustments to stock accounts entail adjustment costs. Due to these portfolio adjustment costs, the household demands both stocks and bonds. A household can buffer some income fluctuations without incurri...
• Was the emergence of the international gold standard expected? Evidence from Indian Government securities AI翻译
  作者：Flandreau, Marc; Oosterlinck, Kim
  作者单位：Universite Libre de Bruxelles
  摘要：The emergence of the gold standard has for a long time been viewed as inevitable. We analyze agents' expectations using the spread between gold and silver bonds issued by the Indian government. We find that bimetallism was credible until France surprised markets by suspending domestic operation of bimetallism, triggering a run away from silver. Thereafter, markets began demanding a premium to hold silver bonds, indicating their belief that silver would depreciate in the future as more countrie...
• The term structure of interest rates in a DSGE model with recursive preferences AI翻译
  作者：van Binsbergen, Jules H.; Fernandez-Villaverde, Jesus; Koijen, Ralph S. J.; Rubio-Ramirez, Juan
  作者单位：Stanford University; National Bureau of Economic Research; University of Pennsylvania; Centre for Economic Policy Research - UK; University of Chicago; Duke University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
  摘要：A dynamic stochastic general equilibrium (DSGE) model in which households have Epstein and Zin recursive preferences is solved with perturbation. The parameters governing preferences and technology are estimated by maximum likelihood using macroeconomic data and the term structure of interest rates. The estimates imply a large risk aversion, an elasticity of intertemporal substitution higher than one, and substantial adjustment costs. Furthermore, the paper identifies the tensions within the m...
• The market price of fiscal uncertainty AI翻译
  作者：Croce, Mariano M.; Nguyen, Thien T.; Schmid, Lukas
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania; Duke University
  摘要：Recent fiscal interventions have raised concerns about US public debt, future distortionary tax pressure, and long-run growth potential. We explore the long-run implications of public financing policies aimed at short-run stabilization when: (i) agents are sensitive to model uncertainty, as in Hansen and Sargent (2007), and (ii) growth is endogenous, as in Romer (1990). We find that countercyclical deficit policies promoting short-run stabilization reduce the price of model uncertainty at the ...
• Comments on 'Robustly optimal monetary policy in a microfounded New Keynesian model' by K. Adam and M. Woodford AI翻译
  作者：Hollifield, Burton
  作者单位：Carnegie Mellon University
• Intangible capital, relative asset shortages and bubbles AI翻译
  作者：Giglio, Stefano; Severo, Tiago
  作者单位：International Monetary Fund; University of Chicago
  摘要：Purely technological factors can be a fundamental force behind the emergence of asset price bubbles in developed economies. We analyze an economy in which the production technology utilizes both physical and intangible capital, where the latter cannot be used as collateral for borrowing. Technological change, in the form of increased importance of intangible capital in production, sharpens the borrowing constraints of entrepreneurs, leading to a scarcity of high-yield assets relative to low-yi...
• Management matters AI翻译
  作者：Alexopoulos, Michelle; Tombe, Trevor
  作者单位：University of Toronto; Wilfrid Laurier University
  摘要：To evaluate the effect of managerial innovations on the economy, a series of new indicators capturing these advances is constructed. Three findings emerge from the analysis. First, following a positive managerial shock, output and productivity significantly increase and hours modestly rise in the short run. Second, management innovations are generally as important as non-managerial ones in explaining movements in these variables at business cycle frequencies. Finally, product and process innov...